Gas prices reach $5 per gallon in Manhattan

One gas station in Manhattan’s Hell’s Kitchen neighborhood listed its gasoline for $4.999 per gallon, according to the news station.

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The current national average price for regular gas is $2.932 per gallon, while New York’s average is $3.076, according to AAA.

Gas prices typically increase in the summer months. The U.S. Energy Information Administration in April predicted that gas prices in the summer of 2018 would be at their highest in four years due to the rising price of crude oil.

The EIA projected the cost of regular gas for American motorists to be an average of $2.74 per gallon this summer, with the highest price of $2.79 per gallon in May.

According to their projection, the two most common factors that alter gas prices are wholesale margins and the price of crude oil.

Meanwhile, AAA said this week that the gasoline fees paid by drivers this upcoming Memorial Day holiday will be at their highest levels since 2014.